CBC fines RCB Bank €800,000 citing failure to comply with AML law

The Central Bank of Cyprus said it fined RCB Bank €800,000 citing the Russian-owned lender’s failure to comply with provisions of anti-money laundering legislation.

“The decision is based on the procedures and principles of administrative law, therefore the Central Bank of Cyprus, inter-alia, provides the person concerned the opportunity to be heard before taking a final decision,” it said.

The decision was taken on November 29, “on the basis of findings emanating from on-site examinations which covered the period up to 2014,” it added.

The fine, which can be reduced to €680,000 if RCB pays it within a certain time period, is one of the highest ever imposed. In November last year, the central bank fined Ukraine’s PrivatBank €1.5m, after sanctioning Hellenic Bank €1.1m five months earlier also for not being fully compliant with anti-money laundering legislation. It had imposed a €1.2m fine on the Cyprus unit of the former Tanzanian FBME Bank two years ago.

In a telephone interview, a bank spokesperson said that the lender already settled the fine.

There are no safe banks in Cyprus They all make a net loss even after the financial crisis they have not learnt very much

Adele is back x

True I now have to go to three villages from me, as all the banks have closed down …. We are going down the swanny Mike.

EGB

As inconvenient as it might seem, that’s actually a good sign. Most bills can now be paid through JCC, increasingly shops and kiosks now take card payments. Yes, it is still necessary to have cash but the €200 I like to keep in my wallet can last months.

Neroli

I know that! That’s RCBs advert!

EGB

To be fair the advert says 2016 and this fine is for activities before 2014 – when exactly before 2014 I don’t know but not long before 2014 banking in Cyprus was a free for all and RCB was still the Russian Commercial Bank.

I bank with them and they’re fine, they don’t charge on accounts with an average balance over €10,000 (or a monthly deposit of an amount I don’t remember), they text me every time I use my card, send me a balance by text every day and send me monthly statements by email as well as allowing me internet access to my account to do what I need to do.

They don’t have a lot of branches, and the ATMs give me €50 notes but these are my only complaints.

I feel I have more money if I get it in €20 notes, my problem.

Neroli

I know, but you have to laugh at the advert for a bank here! Anyway happing banking – I might join you there soon !I

Bystander

And upcoming law to make cash deals over 10K a criminal offence complements these news nicely

EGB

If that ever gets put into law, possibly about as much chance as requiring all doctors to accept credit card payment.

alexander reutersward

in spain its 2000 euros and they look at lowering it further, 10,000 is still a lot of money to buy watches etc for.